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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(755 ILCS 5/12-9) (from Ch. 110 1/2, par. 12-9)
Sec. 12-9.
Additional bond for proceeds of sale or mortgage.) (a) Except
as provided in subsection (d), at or before the entry of an order
authorizing a representative to sell or mortgage real estate or any
interest therein or to sell any oil, gas, coal or other mineral interest
and before a representative sells or mortgages real estate or any interest
therein pursuant to a power in the will or pursuant to subsection (i) of
Section 28-8, the representative shall file a bond and have it approved by
the court.
(b) Where written additional bond is required, the bond shall
identify the real estate or interest therein being sold or mortgaged.
(c) The bond shall be for an amount not less than
double the value of the personal estate likely to come into
the hands of the representative as proceeds of the sale or
mortgage if individuals act as sureties and not less than
1 1/2 times that value if a surety company acts as surety; but
in case of the sale of any oil, gas, coal or other mineral
interest upon a royalty basis and not for a lump sum, and except as
provided in subsection (d), the bond prescribed in this Section shall be
for such an amount as the court directs.
(d) Where bond or security by the representative is excused
by the will, the bond of the representative shall be increased without
writing by double the value of the personal estate coming from time to time
into the hands of the representative from the proceeds of such sale or
mortgage, unless the court requires the filing of a written additional bond.
(Source: P.A. 84-555; 84-690.)
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